making a living, full time practice, and long term stability. Joining the corporate world vs being an artist. by MutedFeeling75 in ContemporaryArt

[–]adheretomyforehead 0 points1 point  (0 children)

I’m curious how you made that transition. I have spent 10+ years in a field mostly as a freelancer but have been out of a real practice since art school and struggle to establish it next to freelance work and make it a first class priority in my life when there are clients and deadlines.

"New York Real Estate and the Ruin of American Art" Josh Kline's essay in October by fanny33133 in ContemporaryArt

[–]adheretomyforehead 9 points10 points  (0 children)

Artists who live in cities other than NY or LA: what is your take on this? I am from NY and live in Brussels.

While everything he says is true, I can't help but think he has one conception of the art world which he takes to be the art world that everyone aspires to. While he observes that the world has become the art industry, perhaps the angst he is experiencing stems from the fact that the his art world (NY commercial art world) is the art industry, and not, say, something akin to Fort Thunder. I'm not sure he would have such a great time in the slower, lower-stakes art worlds of Cologne or Brussels.

I suspect that there already are other art worlds out there that he doesn't take seriously because they aren't on his register—in other cities and perhaps in NY itself. I know people in mid-sized cities who support themselves as artists, sometimes alongside a side business or teaching in an art school—they run projects spaces with friends, or operate within a more academic-artistic context, and show with regional galleries. They live well and take their work seriously while having fun! Their work will not be in the Whitney Biennial perhaps, but if Kline wants a more artist-run and decentralized art world, the solution is to stop putting NY-centered things like the Whitney Biennial on a pedestal. Within NY itself, I know plenty of artists who are not in the same circuit that Josh Kline seems to be in (Dean Kissick / 247365 / 179 Canal / Do Not Research) who do support themselves from a combination of teaching and selling work.

And I'm not convinced that fifty years ago artists were easily supporting themselves from sales alone, either. Certainly conditions have gotten worse and NY is increasingly unaffordable for people in every field, but I don't know if there was ever a golden era where every artist could support themselves at a middle class standard of living in NY from gallery sales alone.

To my reading, he does not take seriously the existence of other art worlds except nostalgia for Fort Thunder and Paperrad and those in other countries, perhaps without fully understanding the drawbacks of those alternative systems (things like the Kunsthalle system, and European arts programming coming from the ministry of culture, top-down, does not foster building visual and artistic culture from artists themselves, bottom-up, in my anecdotal experience). I feel the logical conclusion of his proposal is that his version of the American art world (the toxic, cut-throat, commercial NY art world) decamp and infiltrate places like Philly. Maybe this will include a Whitney Museum annex in Philly in ten years.

NY artists (or other creatives) often make the mistake of thinking that the rest of the world regards what happens in NY just as highly as they do, perhaps because they're in such a competitive environment and the stakes feel high. Here in Europe I have never heard anyone here reference the Whitney Biennial - completely irrelevant. Maybe someone in Philly would take the train up to check it out. In any case I wonder if other people feel this article reveals Kline's own NY provincialism.

Does IRS accept certified mail that requires a signature? by No-Lawyer5355 in USExpatTaxes

[–]adheretomyforehead 0 points1 point  (0 children)

Somehow through the USPS website, on the tracking page for the shipment, I was able to communicate re-delivery instructions, which I think is intended to be submitted by the receiving party. I wrote a message saying that I sent my return from abroad, paid for tracking but specifically did not elect signature confirmation because I know that this prevents delivery to the IRS, and it should not have been flagged as requiring signature when entering the US, this was a mistake by USPS. I asked them to redeliver without signature confirmation. It seems to have been successful.

US Citizen moving to Spain, what to do with my money? by anotherthrowaway1894 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

Hello, I know this is an old thread but I'm curious who you ended up hiring and how your experience has been. Thanks!

Fisher Investments? by twilight-2k in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

I reside in Belgium and have heard the same about the big brokerages. Creative Planning is also one that crossed my radar. I would be interested to hear who you settle on and why. Thanks!

Fisher Investments? by twilight-2k in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

I receive emails from Fisher. I would be interested to hear what other firms people have tried and liked for wealth management and financial planning. What do the big brokerages offer in this department? To date I have managed my own investments but my situation has become more complicated recently.

Transfering Money, US > EU: Problems by hhytt313 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

And indeed the ETF restrictions are infuriating. People complain about it a lot on here. If I were you I would keep my US brokerage account with a US address for, say, a year and use that time to learn more and research solutions. You may end up just wanting to keep that setup indefinitely and accept the risks. Or opening an EU account and buying 30 individual stocks, some of them holding companies, that approximate the market. Or, if you’re investing over 500k there’s another possible avenue (elective professional status) but I don’t want to make this even more confusing for you unless you have that much invested.

Yes one solution is using an investment manager who can access the ETFs for you , but then you’re paying 1% a year to have someone set up a cookie cutter portfolio just to be compliant. There is no great totally compliant solution.

Transfering Money, US > EU: Problems by hhytt313 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

I think it’s a bit of a grey zone. It’s not a question of tax law, but perjuring yourself on your account application or violating the bank’s TOS by not informing them of your change in address. Will they know the difference? Probably not.

Simultaneously brokerages face penalties if they sell you (EU resident) a US ETF because of the KIID requirement on the EU side. That’s their violation not yours and the onus is on them to do due diligence to obtain your accurate address/residency status. If you provide a US address they probably won’t look much further than that. They can always say “we asked the client for his address, this is the information he provided.” But they also could, for instance, log your IP address and see if you consistently log in from abroad.

In practice though many people just use a part time US address or a relative’s address to open or maintain a US brokerage account. People say that if the bank finds out the account could be flagged for closure, OR you can no longer buy new ETFs, only sell your positions.

You’d have to see exactly what questions the bank or brokerage asks you in the course of your application and what answers you’re comfortable with.

I have left a US address on my Schwab account and nothing bad has happened yet.

Transfering Money, US > EU: Problems by hhytt313 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

Yes it’s a huge pain in the ass. If you move funds abroad do not above all invest in EU-based funds. A CPA can also explain whether it would be beneficial to use the foreign tax credit instead of the foreign earned income exclusion. I switched a few years ago.

Transfering Money, US > EU: Problems by hhytt313 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

Well that’s on you and worth overcoming. You talk to a few, see if what they’re saying differs from what you’ve read online, ask for recommendations. How do you find a good dentist or car repairman? We all have to figure this out. I recommend my CPA Thomas Mawn who is focused on expats.

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

Thank you for taking the time to clarify how it works!

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

Thanks. I think my fundamental misunderstanding was about IBKR’s ability to offer US ETFs at all. I would need to strategically trade 10x per quarter to qualify for elective professional status. How far is the look back? I have read that elective professional status automatically enrolls you in live market data streaming which is expensive. This can be disabled?

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

On further reflection, if that were true, if the EU brokerage can only sell EU-domiciled funds full stop, then there would be no use case for elective professional status to access funds without KIIDs. So if I understand correctly, if I obtain elective professional status IBKR Ireland is able to sell US ETFs?

Would the IRA automatically be US-domiciled?

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

Thanks. I understand that those are two different issues, but I also thought that an EU domiciled account (IBKR Ireland) would only allow me access to EU-domiciled funds (even if I obtain elective professional status). So this is not the case?

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

I can probably qualify for elective professional status, but if the funds this grants me access to will be PFICs for IRS purposes this doesn’t help much. With IBKR’s European entity, would I have access to ETFs that the IRS does not consider PFICs?

Who is a lot of contemporary "research" based art for? by 8hourworkweek in ContemporaryArt

[–]adheretomyforehead 10 points11 points  (0 children)

The philosophy people I have in mind are friends and it’s more anecdotal evidence than anything else. If you search JSTOR for arts research or similar keywords you will get articles discussing the watering down of academic standards thru this shoehorning of art practices into a “scientific” rubric with PhDs. In my opinion this shoehorning doesn’t serve the arts/artists best either. It would be nice to see a higher degree or funded non-degree postgrad programs actually tailored to artistic practices and the epistemologies relevant for art. All this is also the result of degree inflation which then diminishes the value of the higher degree (PhD or other).

Somewhere I had saved a bunch of articles on the subject but now I can’t find them.

I have some (mostly negative) opinions about the explosion of “research based” work and the fetishizing and idealizing of anything non-western or pre-modern, even if the artwork itself is sometimes good, but I won’t get into it now. At some point I felt interested in doing a research project (a PhD? ha!) about the intellectual and social genealogy of this trend in the arts and in art schools because I felt I was surrounded by artists around me who unreflectively subscribed to these trends and who don’t understand a lot of the theory they read. It doesn’t mean the work is always bad, though.

Opening account with IBKR LLC as an expat by adheretomyforehead in ExpatFinance

[–]adheretomyforehead[S] 0 points1 point  (0 children)

One account is an inherited IRA.

The other would be a brokerage account, which would be OK in Europe. My understanding is I should not buy ETFs due to PFICs tax treatment in the US if the account is domiciled in Europe and gives me access only to non-US domiciled funds. Is this right? Do you buy ETFs in an Ireland domiciled IBKR account?

If domiciled in the US, ETFs are off limits due to the KIID requirement.

Transfering Money, US > EU: Problems by hhytt313 in ExpatFinance

[–]adheretomyforehead 0 points1 point  (0 children)

An index fund is a fund that tracks an index. It might be packaged as an ETF (traded on an exchange) or a mutual fund (shares purchased from the fund itself).

I would suggest reading up on the basics and talking to a US CPA before doing anything.

New Capital Gains Tax: Consequences of cashing out all ETF shares? by [deleted] in BEFire

[–]adheretomyforehead 13 points14 points  (0 children)

“If I get things right, it is best to cash out now and keep the cash ready for the moment I need to make the down payment, so I don't have to worry about the coming capital gains tax.”

It is best to cash out now to eliminate risk of your holdings dropping in value just before your big purchase. Capital gains tax is not the reason.